Posts Tagged ‘Millennials’

Millennials: More responsibility, more flexibility … and, oh yeah, more turnover.

August 30, 2012

Punch line: Many companies are beginning to make significant changes for Millennials in order to drive retention and lower turnover rates … uphill battle?.

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Excerpted from WSJ, “More Firms Bow to Generation Y’s Demands”

They’re often criticized as spoiled, impatient, and most of all, entitled.

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But as millennials enter the workforce, more companies are jumping through hoops to accommodate their demands for faster promotions, greater responsibilities and more flexible work schedules—much to the annoyance of older co-workers who feel they have spent years paying their dues to rise through the ranks.

Employers, however, say concessions are necessary to retain the best of millennials, also known as Generation Y, which is broadly defined as those born in the 1980s and 1990s.

They bring fresh skills to the workplace: they’re tech-savvy, racially diverse, socially interconnected and collaborative.

Moreover, companies need to keep their employee pipelines full as baby boomers enter retirement. 

Gen Y will comprise more than 40% of the U.S. workforce by 2020 … far outnumbering any other generation.

Some critics contend that Gen Y is no different from previous generations. 

However, a 2010 Pew Research study found that while baby boomers — generally born between 1946 and 1964 — cited work ethic, respectfulness, and morals as their defining qualities, millennials chose technology, music and pop culture, and liberal leanings — followed by superior intelligence and clothing as their defining qualities.

Millennials are also likely to prioritize lifestyle over salary, and to foresee changing careers.

They want the opportunity to stand out without dealing with routine or hierarchy.

Even if they get what they want, they’re likely to move on.

“I mean, what kind of millennial would work for the same company their whole life?”

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Hey, Millennials: Lower your expectations … say, what?

July 30, 2012

Couple of articles caught my eye in the past couple of days that together have me scratching my head …

First, an HBR blast which argued that the best way to reduce stress is to lower your expectations.

Don’t expect much out of life, your friends & family or your co-workers.

If you don’t expect much, you won’t be disappointed and your stress level will be kept in check

Say, what?

Then came a Newsweek article about the economic  jam Millennials are in … with student loans, a bad job market, etc.

Started with an interesting point:

Median net worth of people under 35 fell 37 percent between 2005 and 2010; those over 65 took only a 13 percent hit.

The wealth gap today between younger and older Americans now stands as the widest on record.

The median net worth of households headed by someone 65 or older is $170,494, 42 percent higher than in 1984

The median net worth for younger-age households is a paltry $3,662, down 68 percent from a quarter century ago.

OK, reason for the Millennials to despair, for sure.

And, the proposed  prescriptions?

There’s a  growing notion among economists that the new generation must lower expectations.

For example, the  millennial generation shouldn’t set its sights on homeownership … “because it’s going to be out of reach for so many of them.”

They are understandably more amenable to  government-mandated income redistribution … since so few young people pay much in the way of taxes.

All I can say is: YIPES.

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